Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding Foreign Exchange Derivatives Designated as Net Investment Hedges of Foreign Currency Risk

The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amount in thousands):


December 31, 2018				December 31, 2017
Foreign Currency Derivatives	Number of Instruments	Notional Amount		Foreign Currency Derivatives		Number of Instruments		Notional Amount
Sell GBP Forward	3	£	192,300		Sell GBP Forward		1	£	112,700
Sell AUD Forward	2	A$	187,600		Sell CAD Forward		1	C$	95,100
Sell EUR Forward	1	€	185,000
Sell CAD Forward	1	C$	70,600

Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk

The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands):



December 31, 2018
Interest Rate Derivatives	Number of Instruments	Notional Amount		Strike			Index	Wtd.-Avg. Maturity (Years)
Interest Rate Swap	3	C$	90,472		1.0	%	CDOR	0.5
Interest Rate Caps	9	$	204,248		2.4	%	USD LIBOR	0.5
Interest Rate Caps	2	C$	39,998		2.5	%	CDOR	0.6

December 31, 2017
Interest Rate Derivatives	Number of Instruments	Notional Amount		Strike			Index	Wtd.-Avg. Maturity (Years)
Interest Rate Swaps	4	C$	108,094		1.0	%	CDOR	1.4
Interest Rate Caps	9	$	204,248		2.4	%	USD LIBOR	1.5
Interest Rate Caps	3	C$	23,370		2.0	%	CDOR	0.3

Summary of Non-designated Hedges

The following tables summarize our non-designated hedges (notional amount in thousands):


December 31, 2018
Non-designated Hedges	Number of Instruments		Notional Amount
Buy AUD / Sell USD Forward		1	A$	55,000
Buy USD / Sell AUD Forward		1	A$	55,000
Buy GBP / Sell USD Forward		1	£	23,200
Buy USD / Sell GBP Forward		1	£	23,200
Buy GBP / Sell EUR Forward		1	€	12,857

December 31, 2017
Non-designated Hedges	Number of Instruments		Notional Amount
Buy GBP / Sell EUR Forward		1	€	12,857

Summary of Fair Value of Derivative Financial Instruments

The following table summarizes the fair value of our derivative financial instruments ($ in thousands):


	Fair Value of Derivatives in an Asset Position⁽¹⁾ as of				Fair Value of Derivatives in a Liability Position⁽²⁾ as of
	December 31, 2018		December 31, 2017		December 31, 2018		December 31, 2017
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	8,210	$	—	$	1,307	$	4,872
Interest rate derivatives		590		1,214		—		—

Total	$	8,800	$	1,214	$	1,307	$	4,872

Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	1,116	$	—	$	1,618	$	39
Interest rate derivatives		—		—		—		—

Total	$	1,116	$	—	$	1,618	$	39

Total Derivatives	$	9,916	$	1,214	$	2,925	$	4,911

(1)

Included in other assets in our consolidated balance sheets.

(2)

Included in other liabilities in our consolidated balance sheets.

Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations

The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):


Derivatives in Hedging Relationships	Amount of (Loss) Gain Recognized in OCI on Derivatives								Location of Gain (Loss) Reclassified from			Amount of Loss Reclassified from Accumulated OCI into Income
	Year Ended December 31,								Accumulated			Year Ended December 31,
	2018			2017			2016		OCI into Income			2018		2017			2016
Net Investment Hedges
Foreign exchange contracts⁽¹⁾	$	40,372		$	(22,216	)	$	25,355		Interest Expense		$	—	$	—		$	—
Cash Flow Hedges
Interest rate derivatives		(8	)		757			89		Interest Expense	⁽²⁾		563		(831	)		(798	)

Total	$	40,364		$	(21,459	)	$	25,444				$	563	$	(831	)	$	(798	)

(1)

During the year ended December 31, 2018, we received net cash settlements of $29.1 million on our foreign currency forward contracts. During the years ended December 31, 2017 and 2016, we paid net cash settlements of $14.2 million and received net cash settlements of $26.8 million, respectively, on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets.

(2)

During the year ended December 31, 2018, we recorded total interest and related expenses of $359.6 million, which included a $563,000 expense reduction related to income generated by our cash flow hedges. During the years ended December 31, 2017 and 2016, we recorded total interest and related expenses of $234.9 million and $184.3 million, respectively, which included interest expenses of $831,000 and $798,000, respectively, related to our cash flow hedges.